Trade Secrets Explained Simply
Trade secrets refer to a set of confidential proprietary information. Either a company or an individual in connection with a business, hold trade secrets.
They include, but are not limited to:
- Patents,
- Formulas,
- Inventions,
- Processes,
- Business plans, and
- Pricing information.
As you can see, this information has the potential to cover a wide variety of categories. They are found in practically every level of a business. This means that there are many opportunities for this information to fall into the wrong hands.
Moreover, this is why we will dive into our next topic. The importance of protecting your information.
How to Protect Your Trade Secrets
Firstly, you must identify what your trade secrets are. After that, you will need to figure out whether they’re actually protectable. That is to say, some information does not qualify. In addition, you will want to set up the proper protection mechanisms. The tasks of these mechanisms will be to ensure that your information remains elusive to devious parties.
For example, let’s say that it’s too late to implement protective measures. What should you do if your information is stolen? The first step is to hire an appropriate legal counsel well versed in the court of law. This is essential to determine two things. One is how to get that information back. The second is how to prevent further dissemination of your property.
